a ADDLESHAW g GODDARD Michael Dewhirst Charitable Trust Financlal Statements for the year ended 31 December 2023 Michael Dewhirst Charitable Trust RCN: 279786 Legal and Adminlstrative Information Trustees lan R Dewhirsl Rozanne Cosg¥ove Yorke J J Eaton Principal Offico.. Addleshaw Goddard LLP 3 Sovereign Square Sovereign Slreei Leeds LS1 4ER Independent Auditors." Hawsons Charterwj Accountants S￿lutOry Auditors Pegasus House 463a Glossop Road Shemield S1020D Bankers.. HSBC 33 Park Row Leed5 Wesl Yorkshire LS1 1LD Legal Advisors.. Addleshaw G(thaTd LLP 3 Sovereign Square Sovere¥Jn Sireet Leed5 LS7 4ER Investment Managgr: Cazenove Capital Managefflenl 12 Moorgale Londo EC2R 6DA Michael Dewhirsl Charitable Trust Report by the Trustees for the year ended 31 Decernber 2023 Ob'ecbves and A¢livilies The Michael Dewhir5t Charilable Trust Charity Comfflission refer￿e nufflLEr is 279786. This is an unincorporated granl-making iwst consb"luted ty a trust deed dated 4 March 1980. Clause 12lhl of the trust deed req4Jires Ihe Tnjstees lo have the financial stalements audited yearfy by a chartered accounlanl. The objects ol the trust are as lolk)ws'. To relieve px)or persons a￿1 in pa￿ular (￿t wlhoul in any way lirniting the generality ol the loregoingl persons who are or have been or shall Ir￿ litne lo time be.. lal in the employment ol l.J. Dewhirsl Holdings Ltmiled OT any olher c(Mnpany ￿ oiher COTporalg body ol which Ihe Settlor shall have been a director lor a period ol ml less than three years Ibl employed on any larrn owned by the Sellor whether as sole owner or in partnership with any other person or persons Icl olherwise in the employment ol Ihe Seldor or any wtfe ol his Idl dependants ol any s￿h person as aforesaid whether OT nol such dependanls shall be related or be or have been married lo any such person aNJ whether vtholly or partly ￿eper￿ent upon or maintained by any such person for such other charitatrAe purpose ￿ charIta￿e pU￿)Se5 as Ihe Tfustees shall think lil. PFIOVIDED ALWAYS that rf at any lime the Trustees sh￿1 in their absolute discretion decide that the Trust Fund or the income thereof cannot uselully be applied in manner aforesaid then the Trustees may pay and transfer the whole ol the Trust Fund and the income Ihweol lo such other charity or charities as they shall select. Structure Govefnance arKJ Mana emwl The Trustees who served durirNJ the year were". 1. lan Roberts Dewhirsl 2. Rozanne Cosgrove 3. Yorke J J Ealon On an annual bas15, the Truslees consider and approve donations lo the charitable objects. The Trust's capital is invested with Cazenove Capital Management and invested mainly In stock markets. The Trustees have delegated the day lo day management ol the Irusl lunds to Cazenove Capital Management. Michael Dewhirst Charitable Trust Statement of Trustees. res nsibilities The Trustees are responsible for preparing the Twslees, RepJrt and the financial statements in accordance with applicatAe law and United Kingdom Accounbng Standards (Uniled Kingdom Generally Accepted Accounling Practice). The law applicable to charities in England and Wales requires Ihe Trustees lo prepa￿ financial statements lor each financial year which give a true and lair wew ol the state ol allairs ol the charty and ol the incoming resources and application ol resources ol the charity lor that peri¢yJ. In preparing these financial stalemenls, the Trustees are required lo". seleel suitable accounting policv&$ and then appty them consislenuy. observe the methods and principle5 in the Charities SORP IFRS1021-, make judgments and eslimales that are reasonaile and prudent.. stale whether applicable Aceounting Slandards have been ft)lkn¥ed. subj.ect to any material departures disclosed and explained In the financial slalefflents.. prepare the financial statements on wing concem basis unless rt is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible lor keeping accounling records that disclose wilh ieasonable accuracy al any lime the financial position ol the chartty and en￿￿e Ihem to ensure that the financial slalemenls compty wilh the Charities Acl 2011, the Charity IAc¢ounls arml ReN)rtsl Regulalions 2008 and the provisions ol the trust deed. They are also responsible lor saleguarding the assels ol the charity and he￿e lor lal(ing reasonable steps lor the Fyevenlion and detection ol fraud arKJ olher iffegLtlarities. Grant Makin Polic The Tfustees have identified a numter ol indwKluals who We￿ empk)yed by or were related lo an employee ol l J Dewhir51 Holdings Ltd who are in F)ovety and make granls lo those IrKlividuals. The Truslees havo also idenlilied a numtRr ol regionaVI(tal charities (including community groups and churches) lo whom regular donaliolls are made_ The Trustees also make ¢Jonations to national charikn"es. whom they consider lil. The Trustees review the grants made arKJ ar¥>eals from organisalions and indwiduals on an ongoing basis. Public Benefit The Trustees have referred lo the guidance Contained in the Charity Commission's geneial guidance on public btrnelil when rev*wing ils aims and objective5. In pa￿ular, the Trustees have considered how ils grant Inaking policy will contribule lo Ihe public benelil. Financial Rewew and Investment Poli There are no restrictions on the charilys rrnr lo invest The wm is lo maintain the income ￿e1￿ and maintain the trust capital in real terms. The income receiveil in Ihe year amounted to £28.86712022'. £23.5951 and lullded grants an¢J related costs were £54,65312022". £57.4631. The reserves held at the year end total £1,793.11012022.' £1.754.6711. 11 is noted that reserves have incleas￿l in value ovei the year by £38.439. Mlchael Dewhlrsl Charltable Trust Report by the Truslees tor the year ended 31 December 2023 {contlnued) Reserves Pol The w)licy ol the Tiuslee5 15 to broa￿ maintain Ihe charilys IwKls al $l￿h algvel in ￿der to provide sullicienl capital growlh and income lo conlinue lo meel Ihe Trustees. expecled grant making rA¥eclives. There are no restriclions on Ihe charitys powers lo invesl. Risk Mana emenl The Trustees are aware ol the major slralegic. Ixjsiness and operational risks which Ihe Chaiily laces. The funds have been invested with a view to protecting the capital value in real temis and maintaining the income eld. Addilionally they verily the charitable status ol all individuals and LNxlies lo whom grants are made. Approved by the Trvslees. Notes lorming part ol the linancial statements loi Ihe year ended 31 December 2023 continued.. . Twslee Trustee lan R Dewhirst Yorkè J J Eaton fvb.QTTUStee Rozanne Cosgrove Dale.. 01/10/2024 Michael Dewhirst Charitable Trust Independent auditors. roport to the Trustees of Michael Dewhirst Charitable Trust Opinion We have audited the linancial statements ol Michael Dewhirst Charilable Trust Ilhe 'charity'l lor the year ended 31 Decetnber 2023 which compr¢se the Statement of Financial Activities, the Balance Sheet and notes lo the financial statements, IrKluding a summary ol signilicanl accounting policies. The financial reporting framework that has been applied in their preparation is ap[l￿able law and United Kingdom Accounting Standards. including Financial Reporting S￿ndard 102 The Finaacid Reporting Slandard applicable in the UK arld Flepublic ol Ireland (United Kingdom Geneiafiy A¢¢epted Accounting Pracli¢el. In our opinion the financial statements.. give a true and lair view ol the stale ol the chartV5 affairs as al 31 December 2023. and ol its incotning resources and application ol resources. loi the year Ihen endeil., have been prwrty prepared in accordance with Unrte(l Kingdfmn Generally A¢￿pIed Accounting Practice., and have been prepared in 8ccordance Y￿h the requirements of the Charities Act 2011. Basis for opinion Wg conducted our aLKlil in accordance w41h International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are lurlher described in the Auditor's responsibilities for the audit ol the financial slalemenls se¢lion ol our report. We are independent ol the charity in accordance with the ethical requ5rements that are relevant lo our audil ol Ihe financid slatefflents in the UK, including the FRC'S Ethical Standard, and we have lullilled our other ethical respjnsibf'lilies in accordance with Ihese requirements. We txlieve that the audit evmlence we havè (illained is sullicienl and appropriate lo provide a basis lor our Lwinion. Concluslons relating to going Concern In auditing the financial slalernenls, we have concluded Ihal the trustees. use ol the going concem basis ol ac¢ounling in the wparation ol the financial 51atemenis is appropriale. Based on the work we have perfomied. have not idenlilied any malerial uncertainties relating lo events or conditions that, indiwdually or collectively. may cast signrficanl doubl on the charity's ability lo continue as a going concein lor a per¢od ol al least 12 months Irom when the linancial slalernents are authorised lor issue. Our responsibilities and the resp%JnsibilitFes ol the Irustee5 respect to going concern are described in the relevant sects'ons ol this report. Other Informalion The olher information comprises the inlomialFOn Included in ihe annual report. including the Iruslees, report, other than the financial slalements and our audilorfs report Ihereon. The Iruslees are responsible lor the other inlormaliori contained within the annual report. Oui opinion on the financial statements does not cover the other information and. except lo the exlenl otherwise expficitty staled in our report. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the olher information and. in doing so, consider whelher the other Information is materially inconsistent with the linarKial statèments or our knowledge obtained in the course ol the audit, Of otherwise appears to be Materi￿lY misslaled. 11 we idenlify such material inconsistencies or apparent material misslalemenls, we are required lo delerffline whether this gives rise to a material misstalemenl in the financial slalements themselves. 11. based on the woth we have perlormed, we conclude that there is a material misstalemellt ol this other infomiab"on. we are required lo report Ihat fact. We have nothing lo report in this regard. Michael Dewhirsl Charitable Trust Independent Auditor's Report to tho Trustees of Michael Dewhlrst Charitable Trust Icontlnued) Mallers on whlch we arn rnquired to report by exception In the light ol the knovledge and ￿￿￿erstar￿lng of the charity arKI rts environment ct)tained in the course ol the audit. we have not tdentified material misststemerrt5 in the trustees. report. We have nolhing lo report in respect ol Ihe lollovAng matters in rglalion lo vthich the Charities IAc¢ounls and Reports) Regulations 2008 require us to rewrt to you il. in our o￿nIon= the information grven in the trustees, report is inconsislenl in any malerial respect wth the financial sufficient accounting records have not been kepL or the financial statements are not in agreement with the accounting reeords., or we have not r￿1ved all the infomiation and explanations ￿ require for ¢)ur aLKIrt. Responsibililles ol trustees As explained mole lulty in the trustees, resrKJnsilylth'es statemenl sel out on page 3, the Iruslees are responsible lor the prepa¥ation ol the financi￿ statements and lor being salislied that they give a true and lair view. and lor such inlemal control a5 Ihe tnjstees determine is necessary to enable the preparation ol financial statements ihal are free from material misstatement. whether due to Iraud o¥ error. In preparing the finar￿tal slalements, the Iruslees are responsi1￿e lor assessing the charty's ability lo continue as a going concem, disclosing, as applicable, matters related lo going concem and using the going concern basis ol accounling unless the trustees either Inter￿ to liquidale the chartty OT lo cease op8raltons. or have no realistic allernabve bul to do so. Auditor's r8sponslbilities for the audit of the financlal stat8m•nts We have b&en appointed as auditor urKler section 144 01 the Charitie5 Act 2011 and reporl in accordance with the Act and relevant regulattons made or havin9 ellecl the￿￿nder. Our objectives are lo obtain reasonable assurance about whethef the linancial statemenls as a whole are Iree from material misstaternenl, whether due lo Iraud or error, and lo issue an auditor's reporl that includes our opinion. Reasonable asstjrance is a high revel ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and considered material il, indiwdually or in the aggregate, they could reasonaUy be expected lo inlluence the economic de¢isron5 01 users laken on the basis ol Ihese linancial slaleThents. Irregularities. including fraud, are instances ol non Hawsons Charte¥ed Accounlanls Siatutory Auditors Pegasus House 463a Glossop Road Shellield S10 2QD Dale.. Michael Dewhirst Charitable Trusl Statement ol Financial Activilies for the year ended 31 December 2023 Unrestricled funds Note 2023 2022 Income Investment income 28.867 23.595 Expendlture Charitable a¢liMth'es Support Costs Governance Costs Grants payable 16.053 3,600 35.000 23,454 3,009 31,000 Total expendilure 54.653 57.463 Nel lexpenditurel 125.786) 133.868 Nel 9￿[v{lossI on investments 64,225 173,921 Nel IncomellExpenditure) 38,439 1207,789 Net movement In funds 38.439 1207,7891 Reconciliation of funds Total fund balances brought forward Total fund balance$ carried fonyard 1.754,671 1,793.110 1,962,460 1,754,671 Michael Dewhirst Charitable Trust Balance Sheet a$ at 31 1)ecember 2023 Fixed assets Note 2023 2022 1.61K>.051 1.492,051 Current assets Cash al bank alld in hand Dividends Due 212.905 274,897 Cr$dttors- amounts falling due within one year 119,8461 112.2771 Net current assets 193.059 262,620 Total a55ets less current Ilabilities 1.793.110 1,754,671 Charity funds Unre$lrlcted funds 1,793,110 1,754,671 The financial slalemenls on pages g to 13 were apwoved arKI authorised lor issue by Ihe Iruslees 01110/2024 on................................. andsignedontheirbehalfty. Yorke J J Eaton io Mich*1 D8whifSt CharilJblp Trust Ikn twrning partil the staiemwts Ic¢ ihÈ>*arvthd 31 Oecwthr2tri3 Nots. P￿ncIPal ae¢tyJntiTrg policYe5 Gen**l inlorfflallon and bo￿4 ot pr•pw•t*Jn The ¢harity cons11￿￿S a t￿n￿lit as cwbrth ty FAS 102. Th8 sta*n￿$ have pywared In xctydanEe Accountin9 and Fler￿1r4 try Swemeni of Rett￿nr￿knj PraaKe to tha[rf￿ theil ac¢ounl¥ ln accoldance wlh Ihe FInartI￿ Repotting aF0￿3b1& UK and gepL￿￿￿ of IFRS 104 ￿SUed on 16 2014 las updated thiowjh U￿a￿e BLI1￿1￿ 1 wNish8d on 2 Fetwuary 20161. ts Chant￿ts a)11 and uKGtywa￿l<(X￿e0 Prath¢e The ts&t*nents are tyepArnd ￿ a cw(•m basis cos1 as *J¥ted ILV the re¥alu*OI ol qLKJted In¥È¥tmotrf5 TThO S1gnilicanl acrthnlry *ied In weparabtsft (d Tl*se pYhy8s have been ¢tsISl514nVyapklied io wless¢fftMISè Slthd In¢onw recognit￿n In¥£strnem ifuime IS lar￿ Expendrture re￿9ntt￿Jn l expwdiluip Is accowled lor an •wJ has beqn aW)a￿ * costs relabs io ¢atsgory. Eyndrtwe ￿ recognised 15 a ￿jaI or Qjrtslr￿ m*e pa*)IWS ¥J it is wobBtrAfr that Il* sptvervent n Tryuir￿ andlhe amoffjiol carybeffleaw￿ r￿1**. fyanls payable to thi1¢ part￿5 In chantat4èi*pX￿*g0l v* c￿rIty. The Tr￿5 pay grarts ol meorne and %theFe the oNer 1$ ¢I￿￿1￿j￿& on the ¥abstyThJ wrforMor￿or￿r4￿￿￿dryrerw&Tr￿tsio tyw5absfacbonol thg Trn¢tsos. suBh giarns gre r£¢tyJnrsod a5 eypeTrlrturn ty*cry¥JtKffis aitachry *¢1 Swort¢05Ls crynw￿0)stg IN Ch￿￿￿e￿. lTr¥e*lm•nl8 Investrn¢rf¥ Ire fVcogn￿ed ai lav v*ve Iho kn[￿*1Dn 1[arts*i￿ costs tt*y are m¢a$urpO al lair valueth)th ¢han9$5 Ibgs05} ￿ w￿5*n￿.￿l￿*S)FA *wes affj iraded rff thw fwr V8hJ¥ ¢w otherwse be Measured rdi*Jty Fund UnFp51ricted funds ale av•lablfj tor use * the trLStee5 Ihe gernY* £tyW•S ¢*aiity and *+hth hava ot be desvwaied oiherwrkbxes Mlchael Dewh4rst Charitable Trust 2022 Invpstmpnt Incorne Interest On cash depos Zl.342 23216 Support Co¥ts LEI Fee HSBC- 8art CtrArges 14.400 Go￿rnIn￿ Cojts AL￿11 lee St•ll Partirulars TheTruStha¥ rK) BmpIufft5 GTanls Payabl• Cat al Chant*s Chmdrm & Youth &We￿n WWbJryCLts Wiske P￿ &rtsy GroL¥) Dwham ASSO￿*￿ of lty yr￿rg P 1st GreaT Sffleaton se￿ Si L￿ardS Ch￿th. W4bJry Commun4ty D•¥Jloprnent WelyJryVqla9e ￿1 Educdlionl SciencwTech Ex-SeThlvs 500 1.000 SSAFA Hutth Hospl¢o$ Aollglous Or9anlgAllan8 Dwham Cath&*al Fnends ol SS PflFt Wwj Paul Sl le￿ardS ChuKh 12 Michael Dewh1￿1 Charitable Trust Notes lorm￿g part 01 ihefin8n¢￿ eTrle031 ￿￿jc(￿llx￿d 20Z2 In*èstmonts 1.492.051 525.470 14e1.6951 67.956 3.731 1.567. 1.287.241 11.f89.2311 113S.8461 38 0751 1 492 051 Acqu15itsons Diwsals Increase1(￿e&S•) PidiV(tsissl ort¢waon Irhwn Valuabon c¥ned forwayl Cr•dltorn-Am•vnts falllng ￿￿t￿nI)h¥S￿¥ Ar(¥￿5 19.846 19M46 12.277 12277 R481¢0 Pwty TransacIli￿$ Thtrowere w relaied paty tranS•¢b￿* th￿￿ IXQ2. ￿1. 13